Madbouly, Dombrovskis underscore Egypt’s potential as investment hub, renewable energy exporter – Dailynewsegypt
Egyptian Prime Minister Mostafa Madbouly and European Commission Executive Vice-President and Trade Commissioner Valdis Dombrovskis convened at the Egypt-EU Investment Conference to discuss Egypt’s potential as a burgeoning investment destination and a key strategic partner for Europe.
During a dialogue session on Sunday, Madbouly emphasized Egypt’s large and youthful population as a significant advantage for both European and Egyptian companies.
He also highlighted the country’s strategic geographic location, with the Suez Canal controlling a substantial portion of global trade, and its robust investments in infrastructure development, particularly in transportation and energy.
The Prime Minister outlined several national projects underway, including developments in the Suez Canal Economic Zone, the new city of El Alamein, and the New Administrative Capital, all of which are designed to attract further investments across various sectors.
Madbouly identified promising investment sectors in both traditional industries, such as food and textiles, and future-oriented sectors like renewable energy, financial technology, and telecommunications.
He underscored the significance of memorandums of understanding signed with European partners regarding renewable energy and green hydrogen, emphasizing the potential for localizing industries in this sector.
The Prime Minister expressed optimism that Egypt would become a major exporter of green hydrogen to Europe, citing the positive developments and agreements witnessed during the conference.
Madbouly reiterated Egypt’s commitment to regional stability, particularly in light of recent events in Gaza, and discussed cooperation with the European Union to develop the skills of the Egyptian workforce through targeted training programs.
Dombrovskis echoed the Prime Minister’s sentiments, highlighting Egypt’s vast opportunities in renewable energy, especially in the production and export of green hydrogen to Europe.
He reaffirmed the European Union’s support for various investment areas in the Egyptian market, with a particular focus on clean energy and sustainable projects.
The Commissioner emphasized that the projects implemented would contribute to job creation and reiterated the European Commission’s commitment to supporting the Egyptian economy, including macroeconomic stability and investments to stimulate economic growth.
Dombrovskis stressed the need for diversification in the Egyptian economy to enhance resilience and highlighted the significant opportunities for integration between Egypt and the European Union, particularly in the realm of renewable energy and green hydrogen.
He viewed the memorandums of understanding and agreements signed during the conference as a crucial first step in activating the strategic partnership agreement between Egypt and the EU and emphasized the importance of intensifying work on the agreement’s other six pillars.